Bragar eagel & squire, p.c. announces filing of class action lawsuit against the realreal, inc

Bragar eagel & squire, p.c., announced that a class action lawsuit has been filed in the united states district court for the northern district of california on behalf of investors that purchased the realreal, inc. securities pursuant and/or traceable to the registration statement and prospectus (collectively, the “registration statement”) issued in connection with the company’s june 2019 initial public offering (“ipo” or the “offering”). investors have until january 24, 2020 to apply to the court to be appointed as lead plaintiff in the lawsuit. the complaint, filed on november 25, 2019, alleges that the registration statement featured false and/or misleading statements and/or failed to disclose that: (1) the company’s employees received little training on how to spot fake items; (2) the company’s strict quotas on its employees exacerbated product authentication issues; (3) consequently, the potential for counterfeit or mislabeled items to make it through company’s authentication process was higher than disclosed; and (4) as a result, defendants’ statements about realreal’s business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
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